Pakistan Civil Aviation Authority (PCAA) Director Normal Nadir Shafi Dar on Tuesday mentioned the profitable privatisation of Pakistan Worldwide Airways (PIA) was a transparent testomony to the federal government’s resolve to rework the nation’s aviation sector.
In a press release, Dar credited Defence Minister Khawaja Asif and Secretary Defence Lt Gen Muhammad Ali for extending important help that enabled the PCAA to hold out key reforms, resulting in the elimination of aviation restrictions imposed by the European Fee and the UK.
He mentioned the lifting of those restrictions performed a pivotal function within the success of the privatisation course of, considerably enhancing investor confidence and pushing PIA’s bid worth from Rs10 billion in 2024 to Rs135 billion within the newest public sale.
The DG CAA famous that the profitable bidding of PIA would assist spur the expansion of Pakistani airways and pave the best way for opening new world locations with direct connectivity from Pakistan.
He additional mentioned that the Worldwide Civil Aviation Organisation (ICAO) has expressed full confidence within the oversight and regulatory capabilities of the Pakistan Civil Aviation Authority, terming it a key endorsement of the reforms undertaken lately.
The Arif Habib Company Restricted–led consortium acquired a majority stake in PIA with the best bid of Rs135 billion in an public sale held for the privatisation strategy of the nationwide flag provider.
Through the open public sale spherical, Arif Habib raised its bid from Rs115 billion to Rs135 billion after the Fortunate Cement Restricted–led consortium elevated its earlier bid of Rs101.5 billion to Rs134 billion within the second spherical of the open-bidding.
Arif Habib, the chief of Arif Habib Group, described the event because the “triumph of Pakistan”.
He maintained that the PIA privatisation would assist enhance funding within the nation, including that it might additionally entice overseas funding in Pakistan.
The businessman lauded the federal government for efficiently conducting the bidding course of, saying the Privatisation Fee accomplished all the course of in a clear method. “We’ll work laborious to make this airline nice once more,” he added.
